“Each of those stages have made a significant contribution,” finance chief Alastair Miller told City A.M. “We have taken £100m in costs out of the business in the last two years... and reduced markdowns from 33 per cent to 26 per cent – driving our two per cent increase in margin.”

The group runs 1,100 stores in 32 countries. It has revamped 145 of its 590 UK stores, which Miller said helped deliver an eight per cent sales uplift. New Look’s net debt stood at £1.1bn after a refinancing. It has now set its sights on China, with its first shop due to launch in 2014.